Low Temperature Powder Coatings Market worth $3.9 million by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 11, 2020 /PRNewswire/ -- According to the new market research report "Low Temperature Powder Coatings Market by Substrate (Non-metal, Metal), Resin (Polyester, Epoxy, Hybrid), End-use Industry (Furniture, Appliances, Automotive, Retail, Medical), & Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Low Temperature Powder Coatings Market size is projected to grow from USD 3.4 million in 2020 to USD 3.9 million by 2025, at a CAGR of 3.2%.
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The growth of this market is attributed to the continued growth of the furniture industry, which is the largest consumer of low temperature powder coatings. Metal and non-metal are the two types of substrates for the application of low-temperature powder coatings. Non-metal substrates include wood, plastics, glass, and composites.
The non-metal segment is estimated to account for the largest share of the Low Temperature Powder Coatings Market, by substrate, during the forecast period.
Non-metal substrate dominates the global low temperature powder coatings market. Low temperature powder coating can be used to coat many non-metallic substrates such as wood & MDF, plastics, glass, and composites. Compared to liquid paints, powder coating is known for strong adhesion, excellent durability, and the absence of runs and low VOCs during application. Low temperature powder coatings technology enables the coating of non-conductive and non-metallic substrates by using a low-cost surface treatment that does not emit VOCs or other hazardous by-products.
The hybrid segment is estimated to account for the largest share of the Low Temperature Powder Coatings Market, by resin, during the forecast period.
Hybrid resin dominates the global low temperature powder coatings market. Hybrid resins combine epoxy resin with polyester resin to form a powder with many of the same characteristics as the epoxies. They are used primarily for indoor applications. Epoxy-polyester hybrid exhibits some of the best transfer efficiencies of all thermoset powder coatings. In some cases, they may be as flexible as epoxy types but lose some hardness and chemical resistance because of the polyester component.
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The furniture end-use segment is estimated to be the largest in the Low Temperature Powder Coatings Market during the forecast period.
The furniture industry accounted for the largest share, in terms of value, of the low temperature powder coatings market in 2019. Low temperature powder coatings have gained significant importance as a surface protectant of choice in the furniture industry. They are used for the surface finishing of steel and aluminum, such as garden furniture, contract furniture, site furnishings, and for MDF furniture. One of the biggest advancements in the furniture industry is the use of engineered wood materials, such as MDF. It is very suitable for low temperature powder coating because of its low porosity and homogeneous surface.
Low Temperature Powder Coatings Market in Europe is expected to account for the largest share during the forecast period.
Europe is the world's largest low temperature powder coatings market, with the US being the dominant market in the region. The increasingly stringent regulations regarding the use of low/no VOC coatings and the switching of coating technologies may impact the demand for low temperature powder coatings. The low temperature powder coatings market in Europe is expected to grow fastest due to the presence of major players and technological advancements in the region. The economic slowdown has affected most of the industries in Europe, but the demand for low temperature powder coatings has not been impacted much and is estimated to increase slowly with a growing realization about yearly cost savings with this technology.
There are a large number of end-users in the low temperature powder coatings market and a limited number of coating manufacturers. The presence of major furniture manufacturers, such as IKEA, that actively use these coatings has supported the growth of the market over the past few years.
Major players operating in the low temperature powder coatings market are PPG Industries, Inc. (US), Sherwin-Williams Company (US), AkzoNobel N.V. (Netherlands), Axalta Coating Systems LLC (US), and Tiger Coatings GmbH (Austria).
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